DYCOM INDUSTRIES INC Earnings Per Share Disclosure
| Fiscal Year Ended | |||||||||||||||||
| January 25, 2025 | January 27, 2024 | January 28, 2023 | |||||||||||||||
| Net income available to common stockholders (numerator) | $ | 233,413 | $ | 218,923 | $ | 142,213 | |||||||||||
| Weighted-average number of common shares (denominator) | 29,112,573 | 29,333,054 | 29,549,990 | ||||||||||||||
| Basic earnings per common share | $ | 8.02 | $ | 7.46 | $ | 4.81 | |||||||||||
| Weighted-average number of common shares | 29,112,573 | 29,333,054 | 29,549,990 | ||||||||||||||
| Potential shares of common stock arising from stock options and unvested restricted share units | 369,218 | 365,872 | 446,601 | ||||||||||||||
| Total shares-diluted (denominator) | 29,481,791 | 29,698,926 | 29,996,591 | ||||||||||||||
| Diluted earnings per common share | $ | 7.92 | $ | 7.37 | $ | 4.74 | |||||||||||
| Anti-dilutive weighted shares excluded from the calculation of earnings per common share | 168,099 | 167,914 | 98,530 | ||||||||||||||
About Earnings Per Share Disclosures
The earnings per share disclosure breaks down the calculation from net income to both basic and diluted EPS, revealing the full impact of a company's capital structure on per-share economics. The reconciliation between basic and diluted share counts exposes how many stock options, RSUs, convertible securities, and warrants are potentially dilutive to existing shareholders.
Key signals: a widening gap between basic and diluted shares indicates growing dilution from equity compensation or convertible instruments. Anti-dilutive securities excluded from the diluted calculation deserve attention — they represent latent dilution that will materialize if the stock price rises. Watch for the effect of share buybacks on per-share metrics: EPS growth driven primarily by repurchases rather than income growth signals weakening fundamentals. Compare year-over-year changes in the diluted share count against equity compensation expense to assess whether management is effectively managing dilution.